Are the so called listed and closed end funds the same in contractual listed open end funds?

No, to put it in layman's terms, it is open and listed is a collection of the advantages of the original closed ** can be traded in the secondary market and open can be redeemed, and it opens an additional sales channel for the open **, which is also convenient for investors to buy and sell, you can trade directly at the bank counter ** company and directly with your shareholder card.

Net worth words. Closed-end ** is generally announced once a week, and the ** of transactions in the secondary market revolves around this, but it is not completely equal, the key is to look at the buyer and seller**.

However, LOF** is announced before the opening of the market every day, if you choose to redeem, ** is calculated according to the net value calculated after the close of the day, due to the more redemption of this road, so the transaction discount (premium) in the secondary market will not be too much, and the investment is convenient, that is, if you choose to redeem, it is the same as open-ended, and if you choose to sell, it is the same as closed-ended.

However, because of the subscription, your **share is hosted in the agent or **manager, registered in the TA system, ** is hosted in the **business department, registered in the **registration system, so the TA system can only be redeemed, the **registration system can be redeemed or sold, if the TA system wants to sell, you can handle the system transfer to custody, to the **registration system.

As for the transaction fees :), I'm sorry I'm not familiar with it, you can **consult the management company** hehe.

Listing is in China's ** market (** or Shanghai Stock Exchange) to apply for listing, and the free circulation of the contract type is compared with the company type, that is, the manager (** management company) is not an enterprise, without registration This method has been backward, and is basically a company type at present

Open-ended is compared with closed-ended, first-class investors (people who buy) can buy or buy from the promoter at any time during the validity period of the closed-end type, and the closed-end type is fixed during the validity period, and after that, if you want to realize, you can only circulate in the market, and at present, China has transitioned from closed-end to open-ended

The hybrid type is compared with the ** type and the bond type, that is, the ** manager, and the investment object has both ** and bonds, not a single ** or bonds

With the continuous development of social economy, many friends should buy all kinds of ** in real life to make their lives better, but in fact, in the process of buying**, we should pay attention to distinguishing some ** characteristics, such as contract type, open and listed open What are the characteristics and differences between these two **, let's take a look.

First of all, we need to understand that the contract type **.

It includes contract-type open-ended ** and contract-type closed**, and the ** currently issued in our country are contractual**, and there is no company**. In addition, we also need to understand that the term between the two is not the same, generally speaking, the closure period of the contract type ** is usually five years or ten to 15 years, and after the approval of the people's congress and the consent of the competent authority, the appropriate period can be extended, while the period of closure of the listed type ** is not the same, and there is a fundamental difference between the two.

In addition to these reasons, both ** legal personality.

It is different, the contract type ** does not have legal personality, but for the latter it has legal personality, that is to say, the legal person of the company itself is actually the share of legal personality. Of course, the difference between these two types of ** also includes that the financing channels are also different, because the listed ** has the qualification of a legal person, in the case of good operation of funds, under the condition that the business is carried out smoothly, you can borrow from the bank, but for the contract **, because it does not have the qualification of a legal person, it is not possible to borrow from the bank.

To sum up, we can clearly find that the difference between these two kinds of ** is different, not only in the qualification of legal persons, but also in the financing channels and other aspects, so when we buy two kinds of **, we must carefully distinguish, only in this way can we help us get better returns, in order to make our investment more stable.

The contractual ** is not redeemable, and the open-ended ** can be redeemed as a gift, and the benefits of the two ** are not the same, and the value of the two ** is not the same, etc., so the difference is also very big.

Listed trading open-ended refers to the **investment** of the unit listed and traded on the **exchange**, and the two parties to this kind of transaction are individual investors. Contractual open-ended refers to the investment that cannot be listed and traded on the exchange. This type of ** cannot be listed and traded on ** exchanges.

One is redeemable, the other is non-redeemable, and there is a difference, and one is fixed income and the other is non-fixed income, and the difference between the two is also very large.

Legal Analysis:1The duration of the event varies. The duration of a closed type is fixed, while the duration of an open type is not fixed.

2.Quota limits are different. The share of closed-end ** is fixed, and it cannot be increased or decreased without legal approval during the closed period.

The open-ended ** share is not fixed, and investors can apply for subscription or redemption at any time, and the ** share will increase or decrease accordingly.

3.** Different ways of forming. Closed-end transactions** will be affected by supply and demand in the secondary market, and transactions** may be discounted or premium.

Open-ended is based on the net value of the share and is not affected by market supply and demand. Transactions are determined on the basis of the net asset value per unit.

4.The difference in trading venues. Closed-end shares can only be entrusted to the company to be traded at market price on the exchange, and the transaction is completed between investors.

Open-ended investors can apply for subscription and redemption to the manager or its salesperson in accordance with the time and place determined by the manager, and the transaction is completed between the investor and the manager.

5.Differences in investment strategies. All funds in closed-end types can be used for long-term investments, while open-ended funds emphasize liquidity management and a portion of funds must be set aside in case of investor redemptions.

6.The frequency of information disclosure varies. Closed-end is the NAV of the unit is published on a weekly basis, while open-end is the NAV of the unit is published on a daily (business day) basis.

Legal basis: Interim Measures for the Supervision and Administration of Private Investment

Article 3 Those engaged in private placement business shall follow the principles of voluntariness, fairness, honesty and credibility, safeguard the legitimate rights and interests of investors, and shall not harm the national interest and the public interest.

Article 4 Private placement managers and institutions engaged in private placement custody business (hereinafter referred to as private placement custodians) shall perform their duties and perform the obligations of good faith, prudence and diligence in the management and use of private placement assets, and institutions engaged in private placement sales business (hereinafter referred to as private placement sales agencies) and other private placement service institutions engaged in private placement services. Private equity practitioners shall abide by laws and administrative regulations, and abide by professional ethics and codes of conduct.

Open is one of the basic forms of operation in all countries of the world. The management company may offer new units to investors at any time, and it is also required to buy back the units held by investors at any time. The main differences between open and closed are:

1) **The scale is not fixed. The closed type has a fixed duration, and the size of the period is fixed. Open-ended** has no fixed duration, and the scale can change at any time due to investors' subscription and redemption;

2) Not listed for trading. Closed-end is listed and traded on the trading venue, while open-ended is sold and redeemed at the business premises of the sales agency, and is not listed for trading;

3)**Determined by net worth. The subscription and redemption of open-ended units are calculated based on the daily published net asset value of units plus and minus a certain handling fee, which can reflect the investment value at a glance, while closed-end transactions are mainly affected by the supply and demand of the specific unit in the market;

4) High management requirements. Open-ended managers are facing redemption pressure at any time, and must pay more attention to risk management such as liquidity, and must pay more attention to risk management such as liquidity, requiring managers to have a higher level of investment management. The development process of world investment** has basically followed the law of development from closed to open.

Type refers to investing in the market. It belongs to a kind of ****, in addition to China's bonds**, money market**, etc. There are several ways to classify it.

According to the different types of shares, they can be divided into: preferred shares** and common shares** can be divided into: general common shares** and specialization** according to the purpose of investment: capital appreciation **, growth ** and income **.

According to whether it can be increased or redeemed, it can be divided into: open-ended and closed-ended.

Type and open closed are classified from two different categories.

**Type** is classified from the investment direction, **The main investment object is**, which becomes **type**.

Open and closed are divided from the mode of operation. Closed-end ** generally cannot continue to subscribe or redeem after the establishment of **, and can be listed and traded. Open-ended can be sustainably or redeemed.

At present, there are more open **than closed ** on the market. Both open-ended and closed-ended can be invested in.

There is no inclusion relationship between **type** and open**closed**, but there is a certain overlap.

At present, there are two kinds of sealing bases, one is the closed type of floor trading, commonly known as the old sealing base, such as Taihe and the like, at present, as the closed period approaches, the number of such bases is becoming less and less. There are currently 19 products. There is a special closed comparison of the daily ** network.

The other kind of sealing base was established later, and it has a closed period and cannot be traded on the exchange. It is a restricted** product. Generally rarely introduced.

Due to historical reasons, the closed type currently listed and traded on the Shanghai and Shenzhen stock exchanges is the first type, and from the beginning of the two thousand years, the open type began to prevail, and the initial was mainly based on the first type, with the development of the market, the rise of innovative business, the content of the open market has also begun to be enriched, and the currency, hybrid, bond-based, graded and other types have gradually enriched the issuance market. The current closed-end ** is gradually approaching the expiration date of the closed-end contract, and the data can be found through the ** transaction analysis software.

Closed-end means that when the promoter of ** is established, the total amount of issuance is determined in advance, and when more than 80% of this total amount is raised, ** is declared established, and closed, and no new investment is accepted during the closed period.

Open-ended means that the total amount of issuance is not fixed, and the total number of units increases or decreases at any time, and investors can subscribe for or redeem units at the business premises determined by the manager according to the total amount of units issued.

**The following conditions shall be met for the listing of shares:

1 ** The fundraising is in accordance with the provisions of the **Investment Law.

2 **The contract period is more than 5 years.

3 **The amount raised shall not be less than RMB 200 million.

4 ** There are not less than 1 000 quota holders.

5 **Other conditions stipulated in the rules for listing and trading of shares.

Answer: There are three main features of the open-ended listing: (1) The open-ended listing is still open-ended in nature, the total amount of shares is not fixed, and the shares can be redeemed at the time and place agreed in the contract.

2) The listing of the open ** offering combines the sales advantages of banks and other distribution agencies and the trading network of the Shenzhen Stock Exchange. The outlets of banks and other distribution agencies still follow the current sales method of business counters, while the trading system of the Shenzhen Stock Exchange adopts the common online pricing and issuance method of new shares. (3) After the listing open-ended ** is approved to be listed and traded on the Shenzhen Stock Exchange, investors can choose to subscribe for and redeem ** shares at the net value of ** shares at the close of the market on the same day, or they can choose to buy and sell ** shares at the combined price of each member ** business department of the Shenzhen Stock Exchange.

The subscription and redemption procedures are the same as those of ordinary open-ended. The trading methods and procedures of the listed open ** on the Shenzhen Stock Exchange are basically the same as those of the closed **, the number of declarations is 100 or its integer multiples, and the minimum change unit of the application is yuan. The formation method and mechanism of listed open-ended trading are consistent with those of A-shares.

Different from closed-ended**, open-ended listing** has implemented a limit on the rise and fall from the first day of listing, with a rise and fall ratio of 10%.